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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 260. Control of Assisted Business.
previous: Section 250
. Control of Other Businesses.
next: Section 270
. Control of Business Providing Financing Assistance and Management Assistance.
AS 10.13.260. Control of Assisted Business.
- (a) A licensee that has provided financing assistance to a business may acquire and hold control of the business to the
extent it becomes necessary to protect the licensee's interest as a creditor of, or investor in, the business.
- (b) Unless the department approves a longer period, a licensee holding control of a business under this section shall
divest itself of the control as soon as practicable, or within five years after acquiring the interest, whichever is
- (c) Within 30 days after a licensee exercises its authority to acquire and hold control of a business under this section,
the licensee shall notify the department of the action. The notification must include the reasons why it is necessary
for the licensee to acquire and hold control of the business and the length of time the licensee anticipates that it
may be necessary to hold control of the business.
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